Nigerian shipowners can access up to $25m each for vessels under revived fund

The Federal Government has announced that eligible Nigerian shipowners can now access up to $25 million each from the long-dormant Cabotage Vessel Financing Fund to acquire modern vessels.

This development, announced in a statement from the Ministry of Marine and Blue Economy on Thursday, was described by Minister Adegboyega Oyetola as a strategic step to reposition the maritime sector as a pillar of national development.

The CVFF, established under the Cabotage Act of 2003 to finance local shipping companies, had been largely inaccessible for over two decades.

Qualified applicants will be able to access the funding at competitive interest rates to acquire vessels meeting international safety standards.

The fund will be administered in close collaboration with vetted Primary Lending Institutions to ensure a professional and accountable disbursement process.

Oyetola stated the move is crucial for building an indigenous fleet, retaining maritime value within Nigeria’s economy, and reducing reliance on foreign-flagged vessels for coastal trade.

He emphasized that the initiative aims to create jobs for seafarers and stimulate growth in allied sectors like shipbuilding and repair.

To ensure transparency and efficiency, the ministry has launched a dedicated CVFF Application Portal.

This digital platform will serve as the gateway for submissions, which will be assessed against clear criteria with oversight from the approved financial institutions.

The Director General of the Nigerian Maritime Administration and Safety Agency, Dayo Mobereola, reaffirmed NIMASA’s commitment to the fund’s mandate.

He disclosed that a dedicated Cabotage Secretariat Unit has been established to manage implementation and ensure strict compliance with procedures.

About The Author

Dele Fashomi

Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93.

Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism.

He had done many courses in communication, including the EU-BBC Editing Course in 2002.

Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013).

He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers.

He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 – 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 – 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor.

Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled:  Olabiyi Durojaiye – DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography – AGAINST ALL ODDS. There are many other books in the works under his pen.

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